Cumberland Partners Ltd Sells 18,984 Shares of The Progressive Corporation $PGR

Key Points

• Cumberland Partners Ltd cut its stake in Progressive by 67.2% in the fourth quarter, selling 18,984 shares and leaving it with 9,286 shares valued at about $2.1 million.
• Insider selling has also been notable, with Maribel Pumarejo and CAO Carl G. Joyce among recent sellers; insiders have sold 6,933 shares worth about $1.44 million over the past three months.
• Progressive reported Q1 earnings of $4.80 per share, beating estimates, while revenue came in below expectations; analysts currently rate the stock Hold on average, with a consensus target price of $238.11.

Cumberland Partners Ltd lessened its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 67.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,286 shares of the insurance provider's stock after selling 18,984 shares during the quarter. Cumberland Partners Ltd's holdings in Progressive were worth $2,115,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Klingman & Associates LLC lifted its holdings in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after purchasing an additional 48 shares during the period. Wealthstream Advisors Inc. lifted its holdings in shares of Progressive by 4.6% during the third quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider's stock worth $274,000 after purchasing an additional 49 shares during the period. Revisor Wealth Management LLC lifted its holdings in shares of Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock worth $395,000 after purchasing an additional 50 shares during the period. Cullen Investment Group LTD. lifted its holdings in shares of Progressive by 0.7% during the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider's stock worth $1,606,000 after purchasing an additional 52 shares during the period. Finally, Pines Wealth Management LLC lifted its holdings in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after purchasing an additional 52 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Carl G. Joyce sold 270 shares of the company's stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,933 shares of company stock worth $1,441,564 over the last three months. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on PGR shares. Wells Fargo & Company lifted their price target on shares of Progressive from $218.00 to $222.00 and gave the stock an "equal weight" rating in a report on Thursday. Morgan Stanley cut their price target on shares of Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a report on Tuesday, March 31st. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Finally, Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $238.11.

Progressive Price Performance

PGR stock opened at $199.28 on Friday. The firm has a market cap of $116.45 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 7.28 and a beta of 0.31. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12-month low of $191.75 and a 12-month high of $289.96. The company's fifty day simple moving average is $200.46 and its 200 day simple moving average is $210.22.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.37 earnings per share. On average, analysts expect that The Progressive Corporation will post 16.37 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.03%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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